Williams looks beyond Formula One for revenue growth

It may have toiled on the track this year, but Williams Grand Prix has taken the chequered flag by driving a sharp uplift in its first half profits.

The UK-based group, whose Formula One drivers are Pastor Maldonado and Bruno Senna, has diversified away from its reliance on Grand Prix by striking deals with car makers, such as Jaguar, to sell them its energy efficiency and safety technology.

Williams grew its net profits from £1.9m to £6.6m over the six months to 30 June, although this was inflated by a one-off payment from the terms of renewing its participation in F1. Turnover jumped by 57 per cent to £73m.

Williams is languishing in eighth place in the constructors' championship, although Maldonado won the Spanish Grand Prix in May.

Alex Burns, the chief executive, said: "We have made a step forward in Formula One this season and expect this upward trend to continue into next season." He added: "These results also validate our long-term business plan … Our core business is now generating strong revenue figures from projects outside of Grand Prix racing."